Quaise Energy Closes $180 Million Series B with $35 Million Investment from Nabors Industries and Strategic Framework to Build World's First Superhot Geothermal Power Plant

Key Terms

series b financial

A Series B is a later-stage private funding round where a growing company raises new capital from investors in exchange for ownership shares. It typically comes after early rounds and is meant to finance expansion—think of moving from a neighborhood shop to a regional chain—so it affects the company’s reported value and how much existing owners are diluted. Investors use a Series B as a signal that the business has proven demand and is preparing for bigger growth, which helps assess risk and potential return.

equity financing financial

Equity financing is when a company raises money by selling ownership pieces (shares) to investors instead of borrowing; think of selling slices of a pie to get cash for the business. It matters to investors because buying shares gives them a claim on future profits and a voice in decisions, while existing owners give up some control and the value of each slice can change as the company grows or falters.

millimeter wave drilling system technical

A millimeter wave drilling system uses high‑frequency electromagnetic waves (millimeter wavelengths) to cut, weaken, or remove rock and other materials as part of a drilling operation. Think of it like a focused radio‑frequency beam that loosens or fractures material ahead of a drill bit instead of relying only on mechanical grinding. It matters to investors because it can change how quickly and cheaply wells or boreholes are made, affect equipment costs and operating efficiency, and influence environmental impacts and project economics.

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• Final close of Series B to advance the commercialization of superhot geothermal energy, funding Project Obsidian and the continued development of Quaise’s millimeter wave drilling system
• Nabors Industries and Quaise deepen relationship with strategic framework agreement spanning drilling operations, technology integration and commercial development
• Series B brings Quaise's total funding to date to $280 million

HOUSTON--(BUSINESS WIRE)-- Quaise Energy, a leading developer of utility-scale superhot geothermal energy, today announced the final close of its Series B, raising a total of $180 million in equity financing, including a $35 million investment from Nabors Industries (NYSE: NBR), one of the world's largest land drilling contractors and a long-standing partner to Quaise. Nabors has also entered into a strategic framework agreement that supports Quaise’s mission to make superhot geothermal a commercial reality, beginning with the development of Project Obsidian, the world’s first superhot geothermal power plant. The Series B brings Quaise’s total funding to date to $280 million.

“We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors,” said Carlos Araque, CEO and President, Quaise Energy. “Nabors is an invaluable partner as we move millimeter wave drilling to full commercial operations at Project Obsidian and beyond.”

Nabors’ investment builds on an existing relationship with the company, and the strategic framework agreement spans drilling operations, technology integration, and commercial development. The strategic framework gives Quaise access to a dedicated land rig and Nabors’ advanced platform that integrates reservoir modeling, well design, and drilling strategy. As the drilling program advances, shared data and operational experience are expected to enhance drilling performance, reduce costs, and expedite the project timeline.

“Superhot geothermal has the potential to make clean energy ubiquitous. That is why we are excited about our close relationship with Quaise,” said Anthony G. Petrello, Chairman, President and CEO, Nabors Industries. “Quaise’s millimeter wave technology changes the equation entirely by reaching superhot rock at temperatures and depths that are inaccessible with conventional drilling, transforming geothermal from a location-dependent resource into a global energy solution. Combined with Nabors’ drilling expertise and infrastructure, we see a path to gigawatt-scale geothermal power that no other company can offer today.”

The proceeds from Series B will fund Project Obsidian, the world’s first commercial superhot geothermal power plant, and accelerate the commercialization of Quaise's millimeter wave drilling system toward depths in excess of 5 km. The Series B round's first close, announced in July 2026, was led by Prelude Ventures, with strategic investments from JERA Co., Inc. and Idemitsu Kosan, two of Japan's largest energy companies. BofA Securities and Goldman Sachs & Co. LLC advised on the fundraise.

About Quaise Energy

Quaise Energy is unlocking the Earth’s deep heat to deliver clean, reliable, baseload energy at scale—almost anywhere in the world. As both a technology innovator and project developer, Quaise builds and operates solutions that harness superhot geothermal energy far below the surface, enabling power generation that can rival the output of today’s most efficient fossil fuel and nuclear plants. With its millimeter wave drilling technology, developed after more than a decade of research at the Massachusetts Institute of Technology (MIT), Quaise’s mission is to make superhot geothermal a backbone of the modern energy system, offering affordable, zero-carbon power and true energy independence for communities and nations everywhere. https://www.quaise.com/.

About Nabors Industries

Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in approximately 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

Forward Looking Statement:

This press release contains forward-looking statements, including statements regarding Quaise’s future performance, business plans, and expectations. These forward-looking statements are based on assumptions deemed reasonable by Quaise at the time they were made. There is no assurance that such statements will prove accurate, and actual results may differ materially from those expressed or implied herein due to various risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on the aforementioned assumptions. Quaise assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20260827266829/en/

Media Contact:
Diane Hughes
Vice President, Marketing & Communications, Quaise Energy
press@quaise.com

Source: Quaise Energy